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The yen fell beyond 101 per dollar for the first time since April 2009 after a government report showed Japanese investors boosted holdings of overseas bonds and investors speculated on improving prospects of the U.S. economy.
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Japan escalated its campaign to convince investors that the nation’s post-earthquake challenges mean they shouldn’t pile into the yen as a haven from the turmoil over U.S. and European debt.
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Australia’s dollar rebounded from its biggest decline in a week on speculation that a wider-than- expected trade deficit reported today won’t be enough to prompt the Reserve Bank to cut interest rates.
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The pound may fall against Norway’s krone after the Bank of England yesterday signaled that it’s moving closer to asset purchases while Norges Bank said rates should be raised gradually, UBS AG said.
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UBS AG ended a trade recommendation to sell the pound against the dollar after the U.K. currency rose, surpassing the bank’s upper limit to protect against greater losses.
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Not since 1999 have currency traders been bullish on the dollar for so long, a sign that the market sees the U.S. resuming its role as the engine of global economic growth.
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Australia’s currency fell for a fifth day against the U.S. dollar in the longest losing streak in almost a year after data showed an unexpected decline in retail sales in June.
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The world’s leading economies will have $220 billion less sovereign debt to refinance in 2013, cutting supply after every major government bond market rallied for the first time since the 2008 financial crisis.
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The euro rose as Asian stocks gained for the first time in three days before reports forecast to show German services and factory output expanded this month.
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Switzerland’s franc depreciated to the weakest level in more than a year versus the euro on speculation the European debt crisis that fueled demand for the currency is easing.
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